This initiative, first proposed by the Commission President at the Major Economies Forum in April, sets global targets to triple the installed capacity of renewable energy to at least 11 terawatts (TW) and to double the rate of global energy efficiency improvements from roughly 2% to an annual figure of 4%, by 2030. Delivering these targets will support the transition to a decarbonised energy system, and help to phase out unabated fossil fuels.
European Commission President Ursula von der Leyen said: “With this Global Pledge, we have built a broad and strong coalition of countries committed to the clean energy transition - big and small, north and south, heavy emitters, developing nations, and small island states. We are united by our common belief that to respect the 1.5°C goal in the Paris Agreement, we need to phase out fossil fuels. We do that by fast-tracking the clean energy transition, by tripling renewables and doubling energy efficiency. In the next two years, we will invest 2.3 billion euros from the EU budget to support the energy transition in our neighbourhood and around the globe. This pledge and this financial support will create green jobs and sustainable growth by investing in technologies of the future. And, of course, it will reduce emissions which is the heart of our work at COP28.”
The Global Pledge has been developed in close cooperation by the European Commission and the COP28 Presidency, with the support of the International Energy Agency (IEA) and the International Renewable Energy Agency (IRENA). Adopted during the first days of COP28, this Pledge should help to build momentum towards reaching the most ambitious negotiated outcome possible at the end of this year's conference. The EU is calling for concrete actions to phase out fossil fuels throughout energy systems globally, particularly coal, and will be pushing for language that reflects this in the final COP Decision.
EU financial contribution to the pledge
To support the delivery of the Global Pledge, President von der Leyen announced that in the next two years, we will invest 2.3 billion euro from the EU budget to support the energy transition in our neighbourhood and around the globe. The EU will also draw on its Global Gateway flagships programme to continue supporting the clean energy transition. The Commission invites other donor countries to follow this lead and fast-forward the implementation of the Global Pledge.
Next steps
The Global Pledge on Renewables and Energy Efficiency will be a key tool to for the international community to measure progress and stay the course in achieving the Paris temperature goals. With support from the IEA and IRENA, an annual review of world developments contributing to achieving the global goals of 11 TW and 4% of annual energy efficiency improvements will be released ahead of COP each year. The Commission will be working closely with European financial institutions such as the European Investment Bank and the European Bank for Reconstruction and Development to deliver on its financial commitments associated to the pledge.
Background
The initiative to set global goals for renewables and energy efficiency was first announced by Commission President Ursula von der Leyen at the Major Economies Forum on 20 April 2023. As part of the European Green Deal, the EU has recently raised its domestic targets for the deployment of renewable energy and the improvement of energy efficiency, leading the way globally on the clean energy transition. By 2030 the EU will reach a minimum of 42.5% of renewables in its energy mix, and aim for 45%. Also this decade, the EU has committed to improve energy efficiency by 11.7%. In June 2023, President von der Leyen and COP28 President Dr. Sultan Al-Jaber met in Brussels and decided to work together on several joint initiatives to drive a just energy transition globally, including the Global Pledge on Renewables and Energy Efficiency.
